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－ 1 －

Toyota Tsusho Corporation

Financial Highlights

for the Nine Months Ended December 31, 2018

[IFRS basis](Consolidated) February 1, 2019

(Amounts rounded down to the nearest million yen)

1. Consolidated Financial Results for the Nine Months ended December 31, 2018 (April 1, 2018 to December 31, 2018)

(1) Operating Results (Percentage figures represent year-on-year changes)

Revenue Operating profit Profit (loss) before

income taxes Profit

Profit attributable

to owners of the

parent

Total

comprehensive

income

Nine Months ended million yen % million yen % million yen % million yen % million yen % million yen %

December 31, 2018 5,106,013 5.1 165,175 11.7 180,287 0.9 126,252 (1.8) 109,844 (3.6) 36,277 (83.5)

December 31, 2017 4,856,584 14.2 147,823 20.4 178,723 30.0 128,602 36.8 113,997 44.6 219,848 129.9

Basic earnings (losses)

per share

Diluted earnings

(losses) per share

Nine Months ended yen yen

December 31, 2018 312.16 －

December 31, 2017 323.96 －

Note: “Basic earnings(losses) per share” is calculated based on “Profit attributable to owners of the parent.”

(2) Financial Position

Total assets Total equity Equity attributable to

owners of the parent

Ratio of equity

attributable to owners of

the parent to total asset

As of million yen million yen million yen %

December 31, 2018 4,415,604 1,351,202 1,161,934 26.3

March 31, 2018 4,310,043 1,362,187 1,174,718 27.3

2. Dividends

Record date or period

Dividend per share

End-first quarter End-second quarter End-third quarter Fiscal year-end Annual total

yen yen yen yen yen

Year ended

March 31, 2018 － 45.00 － 49.00 94.00

Year ending

March 31, 2019 － 50.00 －

Year ending

March 31, 2019

(forecast)

50.00 100.00

Note: No changes were made to the latest release of dividend forecasts.

Listings Tokyo Stock Exchange (the first section), Nagoya Stock Exchange

Security code 8015

URL https://www.toyota-tsusho.com/english/

Representative Ichiro Kashitani, President & CEO

Contact Kazuhiro Uchiyama

General manager, Accounting Department

Telephone +81 52-584-5482

Scheduled dates:

Submission of quarterly securities report February 13, 2019

Dividend payout: -

Supplementary materials to the quarterly results Available

Quarterly financial results briefings Yes (targeted at institutional investors and analysts)

－ 2 －

3. Forecast of Consolidated Earnings for the Fiscal Year ending March 31, 2019 (April 1, 2018 to March 31, 2019)

(Percentage figures represent year-on-year changes)

Profit attributable to owners of

the parent Basic earnings per share

million yen % yen

Full year 140,000 7.5 397.86

Note: No changes were made to the latest release of earnings forecasts.

*Notes

(1) Changes affecting the consolidation status of significant subsidiaries (changes in specified subsidiary resulting in

change in scope of consolidations) during the period: None

(2) Changes in accounting policy and changes in accounting estimates:

1) Changes in accounting policy required by IFRS: Yes

2) Changes other than the above 1): None

3) Changes in accounting estimates: None

Note: For details, please refer to (Changes in Accounting Policy) on page 13.

(3) Number of issued shares (common stock)

1) Number of issued shares at end of period (Treasury shares included):

December 31, 2018: 354,056,516 shares

March 31, 2018: 354,056,516 shares

2) Number of shares held in treasury at end of period:

December 31, 2018: 2,173,795 shares

March 31, 2018: 2,170,022 shares

3) Average Number of shares outstanding during the period:

Nine Months ended December 31, 2018: 351,884,948 shares

Nine Months ended December 31, 2017: 351,890,158 shares

*Quarterly review status

This report is exempt from the quarterly review by certified public accountant or audit firm.

*Appropriate use of earnings forecasts and other important information

1. The above forecasts, which constitute forward-looking statements, are based on information available to the Company

as of the date of the release of this document. Actual results may differ materially from the above forecasts due to a

range of factors.

2. The Company is scheduled to hold a quarterly earnings briefing for institutional investors and analysts on Friday,

February 1, 2019. The presentation materials for the earnings briefing will be posted on its website promptly following

the earnings announcement.

*This is an abridged translation of the original Japanese document and is provided for informational purposes only. If there are any

discrepancies between this and the original, the original Japanese document prevails.

－ 3 －

4. Consolidated Results of Operations

(1) Explanation of Business Results

In the first nine months of the fiscal year (April 1 – December 31, 2018), the overall global economy slowed,

largely in response to European and Chinese economic slowdowns, even as the U.S. economy held firm.

The U.S. economy continued to recover despite emergent headwinds, including an equity market selloff. Its growth

was driven partly by tax cuts’ stimulus effect in addition to robust employment and income environments and

growth in personal consumption and capital investment. The European economy slowed mildly, largely as a result

of a downshift in exports and softness in domestic demand. Additionally, the European economic outlook turned

murkier, clouded in part by fraught Brexit negotiations between the UK and EU. The Chinese economy continued

to slow despite government efforts to shore it up with tax cuts and other policy measures. Its slowdown was largely

attributable to deterioration in consumer sentiment in response to trade tensions and stagnant infrastructure

investment amid economic rebalancing from investment-led to consumption-led growth and a shift in China’s

growth strategy from a quantitative to a qualitative focus. Meanwhile, the Chinese economic outlook has dimmed

in the wake of escalation of US-China trade tensions. Emerging market economies underwent a mild slowdown

due largely to resource price declines and an export downturn triggered by rising US interest rates and trade

tensions.

Against such a global backdrop, the Japanese economy continued to gradually recover, buoyed by improvement in

the employment environment and various policy measures’ stimulus effect, despite a string of natural disasters,

including an earthquake in Hokkaido, which led to an export slowdown and decreased foreign tourist traffic.

Amid such an environment, the Toyota Tsusho Group's consolidated revenue for the nine months ended December

31 increased 249.5 billion yen (5.1%) year on year to 5,106.0 billion yen, largely as a result of growth in trading

volumes related to auto production.

Consolidated operating profit increased 17.3 billion yen (11.7%) year on year to 165.1 billion yen, boosted by

gross profit growth sufficient to offset increased selling, general and administrative expenses and deterioration in

the “other income (expenses)” line item. Despite the increase in operating profit, consolidated profit for the period

(attributable to owners of the parent) decreased 4.1 billion yen (3.6%) year on year to 109.8 billion yen, largely as a

result of a reduction in other finance income due to non-recurrence of a year-earlier gain on partial divestment of

equity holdings in a subsidiary in the Chemicals & Electronics Division and deterioration in the share of profit

(loss) of investments accounted for using the equity method primarily in the Machinery, Energy & Projects and

Food & Consumer Services Divisions.

Segment Information

Metals

Profit for the period (attributable to owners of the parent) increased 5.2 billion yen (22.6%) year on year to 27.9

billion yen, largely as a result of non-recurrence of a year-earlier one-time loss.

In November 2018, the Group, Australian lithium miner Orocobre Limited and Argentine mining company Jujuy

Energía y Minería Sociedad del Estado (JEMSE) decided to expand their jointly owned Argentine lithium mining

company’s lithium carbonate production capacity from 17,500 to 42,500t/year with the aim of building a stable,

long-term lithium supply chain to meet expected demand growth.

Global Parts & Logistics


billion yen, driven largely by growth in auto parts trading volumes.

The Group, together with JALUX Inc., entered into a basic agreement with the Laotian Ministry of Public Works

and Transport in August 2018 regarding a 10-year extension of an existing agreement to operate the international

terminal at Wattay International Airport in Laos.

Automotive


billion yen, boosted mainly by growth in overseas auto dealerships’ sales volumes.

The Group decided in October 2018 to acquire an equity stake in Singaporean startup mobilityX Pte. Ltd. as the

lead investor in a Series A funding round with the aim of advancing its MaaS (Mobility-as-a-Service) business. The

deal closed in December.

－ 4 －

Machinery, Energy & Projects

Profit for the period (attributable to owners of the parent) decreased 15.0 billion yen (56.5%) year on year to 11.6

billion yen, largely as a result of non-recurrence of a year-earlier one-time gain and deterioration in the share of

profit (loss) of investments accounted for using the equity method in the electric power business.

The Group carried out Japan’s first vehicle-to-grid (V2G) demonstration tests in November and December 2018.

V2G involves supplying electricity stored in electric vehicles’ charged batteries to the grid.

Chemicals & Electronics


billion yen, largely as a result of non-recurrence of a year-earlier gain on partial divestment of equity holdings in a

subsidiary.

In December 2018, the Group conducted proof-of-concept testing in Australia for autonomous vehicle positioning

that utilizes a quasi-zenith satellite system. The test was selected by the Ministry of Economy, Trade and Industry

as one of its FY2018 satellite data integration and utilization demonstration projects.

Food & Consumer Services


billion yen, largely as a result of deterioration in the share of profit (loss) of investments accounted for using the

equity method in the food business.

In October 2018, the Group established PG AGRO Co., Ltd., a distributor of livestock feed ingredients, as a joint

venture with SPM FEED MILL Co., Ltd., a Thai livestock producer and feed manufacturer/distributor, with the

aim of stably sourcing and supplying grains.

Africa


billion yen, largely as a result of favorable exchange rate movements.

The Group, working in concert with CFAO SAS, was awarded a contract to supply an oceanographic and fishery

research vessel by the National Institute of Fisheries Research of Morocco, an entity affiliated with the Moroccan

Ministry of Agriculture, Fisheries, Rural Development, Water and Forests, in September 2018.

(2) Consolidated Financial Condition At December 31, 2018, consolidated assets totaled 4,415.6 billion yen, an increase of 105.6 billion yen from March

31, 2018. Their growth was predominantly due to a 117.8 billion yen increase in inventories. Consolidated equity

at December 31 totaled 1,351.2 billion yen, a 10.9 billion yen decrease from March 31. The decrease was mainly

the net result of a 74.8 billion yen increase in retained earnings from profit for the period (attributable to owners of

the parent) and an 87.6 billion yen reduction in other components of equity.

(3) Outlook for Fiscal Year Ending March 31, 2019 The consolidated earnings forecast issued on April 27, 2018, remains unchanged.

－ 5 －

5. Consolidated Financial Statements

(1) Consolidated Statements of Financial Position

(Unit: Million yen)

As of March 31, 2018 As of December 31, 2018

Assets

Current assets

Cash and cash equivalents 423,426 459,225

Trade and other receivables 1,342,038 1,379,780

Other financial assets 67,919 57,757

Inventories 656,149 773,916

Other current assets 115,010 137,484

Subtotal 2,604,545 2,808,163

Assets held for sale 12,440 3,293

Total current assets 2,616,986 2,811,456

Non-current assets

Investments accounted for using the equity

method 278,597 295,808

Other investments 529,739 433,067

Trade and other receivables 31,848 31,296

Other financial assets 27,561 41,190

Property, plant and equipment 590,324 581,325

Intangible assets 166,694 158,273

Investment property 18,782 18,806

Deferred tax assets 24,559 16,859

Other non-current assets 24,949 27,518

Total non-current assets 1,693,057 1,604,147

Total assets 4,310,043 4,415,604

－ 6 －

(Unit: Million yen)

As of March 31, 2018 As of December 31, 2018

Liabilities and equity

Liabilities

Current liabilities:

Trade and other payables 1,098,589 1,169,525

Bonds and borrowings 543,406 590,446

Other financial liabilities 15,729 21,108

Income taxes payable 30,102 28,365

Provisions 5,141 5,148

Other current liabilities 128,816 124,783

Subtotal 1,821,786 1,939,379

Liabilities directly associated with assets held for

sale 3,004 －

Total current liabilities 1,824,790 1,939,379

Non-current liabilities:

Bonds and borrowings 927,373 958,699

Trade and other payables 3,700 2,945

Other financial liabilities 21,566 21,804

Retirement benefits liabilities 40,628 41,094

Provisions 22,960 26,497

Deferred tax liabilities 92,846 60,383

Other non-current liabilities 13,989 13,596

Total non-current liabilities 1,123,065 1,125,021

Total liabilities 2,947,856 3,064,401

Equity

Share capital 64,936 64,936

Capital surplus 150,921 150,926

Treasury shares (3,578) (3,597)

Other components of equity 129,943 42,372

Retained earnings 832,495 907,296

Total equity attributable to owners of the parent 1,174,718 1,161,934

Non-controlling interests 187,468 189,268

Total equity 1,362,187 1,351,202

Total liabilities and equity 4,310,043 4,415,604

－ 7 －

(2) Consolidated Statements of Profit or Loss and Comprehensive Income

Consolidated Statements of Profit or Loss

(Unit: Million yen)

Nine Months ended

December 31, 2017

Nine Months ended

December 31, 2018

Revenue

Sales of goods 4,791,490 5,034,481

Sales of services and others 65,093 71,531

Total revenue 4,856,584 5,106,013

Cost of sales (4,402,361) (4,626,308)

Gross profit 454,222 479,705

Selling, general and administrative expenses (307,858) (311,388)

Other income (expenses)

Gain (loss) on sale and disposals of non-current

assets, net 5,768 325

Impairment losses on non-current assets (2,838) (2,726)

Other, net (1,471) (740)

Total other income (expenses) 1,459 (3,141)

Operating profit 147,823 165,175

Finance income (costs)

Interest income 6,241 7,989

Interest expenses (20,048) (20,082)

Dividend income 19,310 21,478

Other, net 13,364 864

Total finance income (costs) 18,866 10,249

Share of profit (loss) of investments accounted for

using the equity method 12,033 4,862

Profit before income taxes 178,723 180,287

Income tax expense (50,121) (54,034)

Profit for the period 128,602 126,252

Profit (loss) for the period attributable to:

Owners of the parent 113,997 109,844


Earnings per share attributable to owners of the

parent

Basic earnings per share (yen) 323.96 312.16

Diluted earnings per share (yen) －－

－ 8 －

Consolidated Statements of Comprehensive Income

(Unit: Million yen)

Nine Months ended

December 31, 2017

Nine Months ended

December 31, 2018

Profit for the period 128,602 126,252

Other comprehensive income

Items that will not be reclassified to profit or

loss:

Remeasurements of defined benefit pension

plans 241 264

Financial assets measured at fair value

through other comprehensive income 50,285 (70,942)

Share of other comprehensive income of

investments accounted for using the equity

method

1,108 (937)

Items that may be reclassified to profit or loss:

Cash flow hedges 1,385 1,197

Exchange differences on translation of

foreign operations 35,020 (19,058)

Share of other comprehensive income of

investments accounted for using the equity

method

3,205 (499)

Other comprehensive income for the period, net

of tax 91,246 (89,975)

Total comprehensive income for the period 219,848 36,277

Total comprehensive income for the period

attributable to:



－ 9 －

(3) Consolidated Statement of Changes in Equity

(Unit: Million yen)

Nine Months ended

December 31, 2017

Nine Months ended

December 31, 2018

Equity

Share capital - Common stock

Balance at the beginning of the period 64,936 64,936

Balance at the end of the period 64,936 64,936

Capital surplus


Acquisition (disposal) of non-controlling

interests 703 4

Disposition of treasury stock 0 0


Treasury shares

Balance at the beginning of the period (3,540) (3,578)

Acquisition (disposal) of treasury shares (33) (18)

Balance at the end of the period (3,574) (3,597)

Other components of equity

Remeasurements of defined benefit pension

plans

Balance at the beginning of the period －－

Increase (decrease) during the period 174 235

Reclassification to retained earnings (174) (235)

Balance at the end of the period －－


through other comprehensive income


Increase (decrease) during the period 51,146 (70,758)

Reclassification to retained earnings 416 420


Cash flow hedges


Increase (decrease) during the period 1,598 2,016


－ 10 －

(Unit: Million yen)

Nine Months ended

December 31, 2017

Nine Months ended

December 31, 2018


foreign operations


Increase (decrease) during the period 31,464 (19,249)


Retained earnings


Reclassification from other components of

equity (242) (184)

Profit for the period attributable to owners of

the parent 113,997 109,844

Dividends (29,577) (34,858)


Total equity attributable to owners of the parent 1,220,095 1,161,934

Non-controlling interests


Dividends paid to non-controlling interests (13,020) (13,323)

Acquisition (disposal) of non-controlling

interests 1,698 914

Profit for the period attributable to non-

controlling interests 14,604 16,408

Other comprehensive income attributable to

non-controlling interests

Remeasurements of defined benefit

pension plans 3 0


through other comprehensive income 310 (1,093)

Cash flow hedges 305 313


foreign operations 6,241 (1,440)

Other (14) 19


Total equity 1,403,119 1,351,202

Comprehensive income for the period attributable

to:



Total Comprehensive income for the period 219,848 36,277

－ 11 －

(4) Consolidated Statement of Cash Flows

(Unit: Million yen)

Nine Months ended

December 31, 2017

Nine Months ended

December 31, 2018

Cash flows from operating activities

Profit before income taxes 178,723 180,287

Depreciation and amortization 59,713 57,294

Impairment losses on non-current assets 2,838 2,726

Financial costs (income) (18,866) (10,249)

Share of (profit) loss of investments accounted for

using the equity method (12,033) (4,862)

(Gain) loss on sale and disposals of non-current

assets, net (5,768) (325)

(Increase) decrease in trade and other receivables (73,514) (35,642)

(Increase) decrease in inventories (87,763) (121,193)

Increase (decrease) in trade and other payables 80,720 67,150

Other (15,403) (20,691)

Subtotal 108,645 114,493

Interest received 5,645 7,814

Dividends received 33,640 38,398

Interest paid (18,608) (18,198)

Income taxes paid (48,251) (56,658)

Net cash provided by operating activities 81,070 85,848

Cash flows from investing activities

Increase in time deposits 9,300 7,455

Purchase of property, plant and equipment (46,572) (45,865)

Proceeds from sale of property, plant and

equipment 7,558 6,504

Purchase of intangible assets (7,749) (9,334)

Proceeds from sale of intangible assets 10,977 1,984

Proceeds from sale of investment property － 4,286

Purchase of investments (21,939) (40,263)

Proceeds from sale of investment 5,439 1,628

Proceeds from (payment for) acquisition of

subsidiary 3,086 (603)

Proceeds from (payment for) sale of subsidiaries 1,247 3,941

Payments for loans receivable (6,608) (7,417)

Collection of loans receivable 9,978 10,167

Other 2,178 474

Net cash used in investing activities (33,104) (67,041)

－ 12 －

(Unit: Million yen)

Nine Months ended

December 31, 2017

Nine Months ended

December 31, 2018

Cash flows from financing activities

Net increase (decrease) in short-term borrowings,

net 151,224 60,510

Proceeds from long-term borrowings 112,803 84,836

Repayment of long-term borrowings (210,103) (126,307)

Proceeds from issuance of bonds 9,941 56,132

Purchase of treasury shares (34) (20)

Dividends paid (29,577) (34,858)

Dividends paid to non-controlling interests (13,020) (13,323)

Proceeds from non-controlling interests 1,638 1,708

Payments for acquisition of subsidiaries' interest

from non-controlling interests (5,010) (2,166)

Proceeds from sale of subsidiaries' interest to non-

controlling interests 26 137

Other, net (1,970) (4,573)

Net cash provided by (used in) financing

activities 15,917 22,076

Net increase (decrease) in cash and cash

equivalents 63,883 40,884

Cash and cash equivalents at the beginning of the

period 426,208 423,426

Effect of exchange rate changes on cash and cash

equivalents 10,417 (5,085)

Cash and cash equivalents at the end of the period 500,509 459,225

－ 13 －

(5) Notes on Consolidated Financial Statements

(Notes on Going-Concern Assumption)

Not applicable

(Changes in Accounting Policy)

(Revenue from Contracts with Customers)

Effective from the first quarter of the fiscal year ending March 31, 2019, the Group has adopted IFRS 15,

“Revenue from Contracts with Customers” (published May 2014) and “Clarifications to IFRS 15” (published

April 2016), (hereinafter collectively referred to as IFRS 15). In doing so, the Group has elected to recognize the

cumulative effect of applying IFRS 15 at the date of initial application.

The revenue recognition criteria associated with application of IFRS 15 are as follows.

(1) Basis of revenue recognition and measurement

Revenue is recognized and measured based on the following five-step approach.

Step 1: Identify the contract(s) with a customer

Step 2: Identify performance obligations in each contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

(2) Timing of revenue recognition

Based on the above five-step approach, the Group recognizes revenue when it has satisfied contracts’ performance

obligations.

The Group sells commodities and other products, including metals, vehicles, automotive components,

machinery, chemicals and food. For sales of such goods, contracts’ performance obligations are satisfied at the

point in time when control of the goods passes to the customer. Specifically, the Group recognizes revenue from

the sale of goods at the point in time when the goods have been delivered to the delivery location specified in

the contract with the customer or the goods have passed the customer’s acceptance inspection, the Group has a

right to payment for the goods, and legal title to and physical possession of the goods and the significant risks

and rewards related to ownership of the goods have all been transferred to the customer.

The Group also provides services, performs construction contracting and develops made-to-order software. For

these transactions, contracts’ performance obligations are satisfied over a certain time period in accord with the

contract. The Group recognizes revenue based on its progress toward complete satisfaction of performance

obligations by measuring such progress to depict its performance in transferring control of the goods and/or

services being provided. As a general rule, the Group uses an input method to measure progress toward

complete satisfaction of performance obligations, but it considers the terms of individual transactions’ contracts

and the nature of the goods or services in question in determining an appropriate measurement method.

(3) Gross presentation and net presentation of revenue

For revenue from the sale of goods and provision of services, the Group presents revenue on a gross basis when it

engages in the transaction as a principal and on a net basis when it engages in the transaction as an agent.

When determining whether it is a principal or an agent, the Group makes a comprehensive determination based

on the following three indicators.

Does the Group have inventory risk before and/or after it received the customer’s order, including

while the shipment is in transit or when goods are returned?

Does the Group have discretion in setting the value of the goods or services of another party to the

transaction? Is the benefit that the Group can receive from the good or service in question

restricted?

Is the Group primarily responsible for the performance of the contract?

The impact of IFRS 15’s application is immaterial.

－ 14 －

(Segment Information)

Revenue, Profit/loss and Assets by Reportable Segment

Nine Months ended December 31, 2017 (April 1, 2017 to December 31, 2017)

(Unit: Million yen)

Reportable segment

Metals Global Parts &

Logistics Automotive

Machinery,

Energy &

Project

Chemicals &

Electronics

Food &

Consumer

Services

Revenue

External 1,215,215 614,241 472,507 717,870 1,120,312 296,721

Inter-segment 615 18,595 3,135 3,650 7,829 622

Total 1,215,831 632,836 475,643 721,521 1,128,142 297,344

Gross profit 66,120 54,164 63,940 59,074 80,988 32,502

Profit (loss) for the period

attributable to owners of the

parent

22,771 17,688 14,663 26,651 25,060 2,514

Segment assets 877,350 414,244 318,093 862,195 705,153 278,162

Reportable segment

Other *1 Adjustments *2 Consolidated

Africa Total

Revenue

External 417,812 4,854,682 1,901 － 4,856,584

Inter-segment 10,611 45,060 690 (45,751) －

Total 428,423 4,899,742 2,592 (45,751) 4,856,584

Gross profit 99,064 455,853 2,311 (3,942) 454,222



parent

5,255 114,605 (848) 241 113,997

Segment assets 574,329 4,029,530 841,855 (255,992) 4,615,394

Notes: 1. “Other” comprises businesses that are not included in reportable segments including functional services which provide

operation support to the whole Group. In addition, this column includes profit/loss that is not classified into a specific

reportable segment.

2. Figures in “Adjustments” represent the amounts of inter-segment transactions.

3. Prices in inter-segment transactions are decided based on negotiation on an individual basis.

－ 15 －

Nine Months ended December 31, 2018 (April 1, 2018 to December 31, 2018)

(Unit: Million yen)

Reportable segment

Metals Global Parts &

Logistics Automotive

Machinery,

Energy &

Project

Chemicals &

Electronics

Food &

Consumer

Services

Revenue

External 1,324,687 685,015 489,683 713,920 1,111,955 340,430

Inter-segment 1,470 16,619 7,447 2,313 8,134 420

Total 1,326,157 701,635 497,130 716,233 1,120,089 340,851

Gross profit 76,554 57,576 66,326 65,114 80,480 33,522



parent

27,922 18,982 17,284 11,605 17,842 2,301

Segment assets 926,064 388,927 288,609 754,674 732,119 288,667

Reportable segment

Other *1 Adjustments *2 Consolidated

Africa Total

Revenue

External 438,004 5,103,696 2,316 － 5,106,013

Inter-segment 6,259 42,665 649 (43,314) －

Total 444,263 5,146,361 2,966 (43,314) 5,106,013

Gross profit 102,994 482,570 2,302 (5,168) 479,705



parent

5,904 101,843 8,044 (43) 109,844

Segment assets 531,244 3,910,307 786,730 (281,433) 4,415,604

Notes: 1. “Other” comprises businesses that are not included in reportable segments including functional services which provide

operation support to the whole Group. In addition, this column includes profit/loss that is not classified into a specific

reportable segment.

2. Figures in “Adjustments” represent the amounts of inter-segment transactions.

3. Prices in inter-segment transactions are decided based on negotiation on an individual basis.

(For reference)

Outline of Consolidated Resultsfor the Nine Months ended December 31, 2018 (IFRS) Toyota Tsusho Corporation

(Unit: Billion yen)

×

140.0 9.8 7.5%113.9 109.8 (4.1) (3.6%)

11.0%

Total454.2 479.7 25.5 5.6%

Profit attributable toowners of the parent 130.2

5.2 5.9 0.7 12.4%Africa

99.0 102.9

Corn futures (cents / bushel) 356

Profit 150.3 167.0 16.7

Increased largely driven by the effect of currencytranslation

Dubai oil (US dollars / bbl.) 533.9 4.0%

Yen TIBOR3M average 0.06% 0.07%

2.5 2.3 (0.2) (8.5%) Operating profit 182.6 213.0

72Profit before incometaxes 209.7 232.0 22.3 10.6%

369

30.4 16.6%US dollar LIBOR

3M average 1.33% 2.43%

Food & ConsumerServices

32.5 33.5 1.0 3.1% Decreased largely due to worsening of share ofprofit/loss of investments accounted for using theequity method in the food business

End of period (131) 127

Corporate

Gross profit 606.2 633.0 26.8 4.4%

Inte

rest

rat

e

Yen /Euro

9M average 129 129Africa

132.1 141.0 8.9Chemicals & Electronics

80.9 80.4 (0.5) (0.6%) Decreased largely due to effect of the gain on saleof part of subsidiary's shares recognized in theprevious fiscal year25.0 17.8 (7.2) (28.8%)

26.6 11.6 (15.0) (56.5%) End of period (106)2.3 6.0 3.7 150.4%

Yen / USdollar

9M average 112

42.7 47.0 4.3 9.9%111

Decreased largely due to worsening of share of profit/loss ofinvestments accounted for using the equity method in theelectric power business as well as the effect of a one-time gainrecognized in the previous fiscal year

29.0 23.0 (6.0) (20.9%)

Exc

han

ge r

ate

11.0 14.2 －

Chemicals & Electronics

109.0 109.0 0.0 0.0%

6.7%

(3.2)

Machinery, Energy&

Project

59.0 65.1 6.1 10.2%

Changes in MajorIndexes

Nine Monthsended December

31, 2017(As of March 31,

Nine Months endedDecember 31, 2018

32.0 24.0 (8.0) (25.1%)Automotive63.9 66.3 2.4 3.7%

Increased largely driven by growing sales volumehandled by overseas auto dealerships14.6 17.2 2.6 17.9%

111

Food & ConsumerServices

1.7 9.2%

Machinery, Energy& Project

81.6 85.0 3.4 4.1%

85.0 90.0 5.0 5.8%

17.6 18.9 1.3 7.3% 18.3Global Parts &

Logistics

54.1 57.5 3.4 6.3%Increased largely driven by higher trading volume ofautomotive parts

5.2 22.6% (forecast)

22.8 22.0 (0.8) (3.9%)Payout ratio

(consolidated)

100 yenGlobal Parts &Logistics

72.6 73.0 0.4 0.5%

22.8% 25.4% 25.1%

Automotive

34.0 6.2 21.9%

Full year

(forecast)

20.0

70 yen 94 yen

Interim 31 yen 45 yen 50 yen*The top row for each division indicates gross profit; the bottom row indicates profit attributable to owners of the parent.

Metals 66.1 76.5 10.4 15.8%

%*The top row for each division indicates gross profit; the bottom rowindicates profit attributable to owners of the parent.

Divisions

Metals86.6 93.0 6.4 7.3%

Increased largely driven by the effect of one-timeloss recorded in the previous fiscal year

27.8

22.7 27.9

Purchase of investments and property, plant andequipment

Total comprehensive income(attributable to owners of the

parent)198.3 22.0 (176.3) (88.9%)

Year endedMarch 31,

2018

Year endingMarch 31,

2019

Divisions

Nine Monthsended

December 31,2017

Nine Monthsended

December 31,2018

Year-on-year change Main factors behind year-on-year changesin profit attributable to owners of the

parent

Amount %

Amount

Consolidated FinancialResults Forecasts

Year endedMarch 31, 2018

Year endingMarch 31, 2019

Year-on-year changeDividend per share

Year endedMarch 31,

2017

Profit attributable toowners of the parent 113.9 109.8 (4.1) (3.6%)

Cash flows fromfinancing activities

15.9 22.0 6.1

【Cash flows from operating activities】

Profit for the nine months ended December 31,2018

(33.1) (67.0) (33.9) 【Cash flows from investing activities】

Profit for the period 128.6 126.2 (2.4) (1.8%) 1-2: Free cash flow 47.9 18.8 (29.1)

Income tax expense (50.1) (54.0) (3.9) －2. Cash flows frominvesting activities

Profit before incometaxes 178.7 180.2 1.5 0.9%

1. Cash flows fromoperating activities

Nine Months endedDecember 31,

2017

Nine Months endedDecember 31,

2018

Year-on-yearchange

81.0 85.8 4.8

Main factors behind year-on-year changesShare of profit of investmentsaccounted for using the equity

method12.0 4.8 (7.2) －

Other finance income (costs) 13.3 0.8 (12.5) － Consolidated Cash FlowPosition

Dividend income 19.3 21.4 2.1 －

Operating profit 147.8 165.1 17.3 11.7%Net interest-bearing

debt 1,006.9 1,054.1

Interest income (expenses) (13.8) (12.0) 1.8 － Debt-equity ratio

(times) 0.9 0.9 0.0

47.2

(3.1) (4.5) － Total equity 1,362.1 1,351.2 (10.9) (0.8%)

SG&A expenses (307.8) (311.3) (3.5) － (Non-current assets) 1,693.0 1,604.1 (88.9)

4.7%

4,310.0 4,415.6 105.6 2.4%

Gross profit 454.2 479.7 25.5 5.6% (Current assets)

Revenue 4,856.5 5,106.0 249.5 5.1% Total assets

2,616.9 2,811.4 194.5 7.4%

(5.3%)

Other income(expenses) 1.4

As ofDecember 31,

2018

Change over the end of theprevious fiscal year

Main factors behind year-on-year changesAmount % Amount %

Consolidated OperatingResults

Nine Monthsended

December 31,2017

Nine Monthsended

December 31,2018

Year-on-year change

Main factors behind year-on-year changesConsolidated

Financial Position

Operating profit 56.4 50.9 57.7

Profit attributable toowners of the parent

46.6 31.9 31.2

As of March31, 2018

Quarterly changes 1Q 2Q 3Q

Gross profit 157.3 157.7 164.6 February 1, 2019

【Gross profit】 +25.5 billion yen Increased driven by growth in trading volume of automobile production-related products

【Operating profit】 +17.3 billion yenIncreased driven by growing gross profit, which

offset increase in SG&A expenses and worsening

of other income (expenses)

【Profit attributable to owners of the parent】-4.1 billion yen

【Current assets】 +194.5 billion yen・Inventories: +117.8 billion yen・Trade and other receivables: +37.7 billion yen

【Non-current assets】 -88.9 billion yen

・Other investments -96.7 billion yen

【Total equity】 -10.9 billion yen・Retained earnings: +74.8 billion yen・Financial assets measured at fair valuethrough other comprehensive income:

-70.4 billion yen・Exchange differences on translation offoreign operations: -19. 2 billion yen

Despite the growing operating profit, profit

attributable to owners of the parent decreased

due to a) other finance income (costs) which

decreased as a result of the gain recognized in

the previous fiscal year on sale of part of the

shares in a subsidiary of the Chemical &

Electronics division, and b) worsening of share of

profit (loss) of investments accounted for using

the equity method primarily in the Machinery,

Energy & Project and Food & Consumer

Services divisions

toyota tsusho corporation financial highlights for the ...€¦ · 312.1december 31, 2018 6 ... the...

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